Wayne County Shifts $10 Million Toward Pension System

via Detroit Free Press,

by Eric D. Lawrence, freep.com,

December 3, 2015,

Wayne County’s underfunded pension system will get a $10-million boost.

Commissioners approved a budget adjustment Thursday that would shift the money toward the county’s pension system, which is believed to be underfunded by almost $818 million. A report from Dwayne Seals, the commission’s chief fiscal adviser, said the extra money could add more than $44 million in investment returns in 25 years at a 7% interest rate.

Gerard Grysko, deputy director of the Wayne County Employees’ Retirement System, said the money would be beneficial for the system.

“Any time we get extra money, yes, we welcome it,” he said.

The money is part of a larger pool of funds declared as surplus from the Delinquent Tax Revolving Fund and Property Forfeiture fund. Those funds are supported, in part, by proceeds from tax auctions in Wayne County.

Read the full article.

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